As businesses face greater uncertainty, the CFO is now expected to focus on driving profitability by minimizing costs, managing pricing structures, and maximizing the effectiveness of capital allocation. A CFO will be changed with strict scrutiny of capital expenditure, optimizing capital structure. Capital allocation will require CFO involvement in all major areas of a business, considering risk, cost, and possible return.

CFO Role

CFO is responsible for both driving growth and safeguarding against risk

Responsibility

<ol><li>Increase Automation</li><li>Consolidate Data and Processes</li><li>Empower Your People</li><li>Reinforce Resilience</li></ol>

Four Steps to the Future of Finance

I am currently serving as a CFO of a public listed company and wanted to summarize the role with expectations

Self Improvement

Zafar Iqbal Ahmed on Nov 03

Accounting software is a program that helps to manage a company's financial transactions. The accounting software you use can help track critical financial data in your business, keep track of your taxes, and pay your employees on time. Freelancers and small businesses can use a generic solution, while enterprise organisations need a more complex system.

The need for accounting software

The right accounting software can simplify business processes by doing the following: <ul><li>Automate business finances and remove human error.</li><li>Access your data anywhere with cloud-based software.</li><li>Prevent data loss. Cloud-based accounting software backs up your data.</li><li>Integrate with third parties like expense tracking and CRM solutions.</li><li>It makes filing your taxes easier.</li></ul>

How accounting software help you business

<ul><li>QuickBooks is best for small businesses.</li><li>FreshBooks is good for invoicing.</li><li>Zoho Books is a good pick for microbusinesses.</li><li>Oracle NetSuite is suitable for ERP tools.</li><li>Xero is good for growing businesses.</li></ul> All these options offer third-party integrations.

Top accounting software

Any accounting software should include basic features such as a general ledger, account reconciliation, accounts payable and accounts receivable. Other features are: <ul><li>Invoicing.</li><li>Payment processing. Your accounting software should give easy ways for customers to pay online, like scanning a QR code or clicking a button.</li><li>Payroll management.</li><li>Enterprise resource planning (ERP) helps collect and organise information.</li><li>Inventory management.</li></ul>

Accounting software features

Keep the following in mind when choosing accounting software:<ul><li>Ensure your accounting software integrates with your bank. It will automatically download new transactions.</li><li>Your business needs, for example, business size, the specific industry, etc.</li><li>Your budget. Many cloud-based solutions can accommodate nearly every budget.</li><li>Ease of use.</li><li>Scalability.</li></ul>

Choosing the right accounting software

Pros<ul><li>Accuracy.</li><li>Automation. By using artificial intelligence, the software can record and reconcile transactions and generate financial reports.</li><li>Relatively low cost. </li><li>Streamlined invoicing. Software like FreshBooks helps to create invoices within minutes and set up automatic payment reminders.</li><li>Collaboration. Many accounting programs let you grant outside access to your accountant.</li></ul> Cons<ul><li>Technical problems.</li><li>Potential for fraud.</li></ul>

Pros and cons of accounting software

Accounting software helps you stay on top of taxes, manage critical financial data, and pay employees. Here's how to choose the right accounting software.

Zafar Iqbal Ahmed on Nov 03

Find the Best Accounting Software for Your Business - business.com

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